Brutally honest guide to not losing money in the market
6/10/202655 min
Get our Investment Guide: https://clickhubspot.com/klsr Episode 832: Sam Parr ( https://x.com/theSamParr ) and Shaan Puri ( https://x.com/ShaanVP ) talk to legendary fund manager Barry Ritholtz( https://x.com/Ritholtz ) about the behaviors that destroy returns for investors and how to avoid them. — Show Notes: (0:00) Intro (2:19) christmas tree portfolio (4:43) the cowboy account (9:51) day trading (11:09) Barry yells at Lloyd Blankfein (13:46) panic selling (16:45) sam picks a fight (18:46) direct indexing (21:43) Great investors (27:25) 90% of everything is crap (36:14) Elon's foray into PE (44:02) Predicting the housing crisis (46:01) spending a year as the dumbest guy on wall street (49:01) Why bubbles are good for the economy — Links: • How Not To Invest - https://www.hownottoinvestbook.com/ — Check Out Sam's Stuff: • Hampton (joinhampton.com): My community for founders. Average member does $25m/year. Many of the guests are members. Get after it...apply: http://joinhampton.com/mfm — Check Out Shaan's Stuff: • Shaan's weekly email - https://www.shaanpuri.com • Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents. • Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies! Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC • I run all my newsletters on Beehiiv and you should too + we're giving away $10k to our favorite newsletter, check it out: beehiiv.com/mfm-challenge My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano /
Clips
Transcript preview
First 90 secondsShaan Puri· Host0:00
If you could tell me something in the next 15 minutes that would make me a better investor, what's w- the first point you would just hammer into my head?
Barry Ritholtz· Guest0:06
Oh my God, put the [beep] phone down. [laughs] Stop trading.
Speaker 3· Soundbite0:11
I feel like I could rule the world. I know I could be what I want to. Uh. I put my all in it like no days off. On the road less traveled, never looking back.
Shaan Puri· Host0:21
So I think the interesting place to start is we've had a few different people from the school of investing wisdom come on, sort of the value investing genealogy. And me and Sam, although we are not investors, we're definitely, like, entrepreneurs first and then, you know, investing as a sort of hobby, sport type of thing. We're so attracted to it. We love the sort of investment wisdom, especially, especially th- your version, which is the, the aw shucks, common sense version of investing, which is less about how to be super smart and do advanced things, and just how to be less stupid than you already are, and don't worry, you'll be fine. And so, uh, I'm excited to talk to you. You have a cool story. You, uh, you started off really in the content game, in the media game, blogging back in GeoCities, early on with podcasting, and built a large, uh, investment advisory shop, uh, called, uh, named after yourself. I think you guys got to what, seven- That was a placeholder, by the way.
Barry Ritholtz· Guest1:16
That was not supposed to be permanent. Like, "Let's just call it Ritholtz for now," someone else said, "and we'll find a better name," and then we never found a better name. The background is, uh, go to law school, do really well, hate being